Litecoin is a digital, peer to peer online digital currency. Transactions are made with no middle men (no banks), no transaction fees, and even no need for your name! More merchants are beginning to accept them: you can buy webhosting services, pizza, or even manicures.
Balance: 599756926 satoshi
100000 satoshi every 250 minutes.
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Litecoin Litecoin (LTC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Inspired by and technically nearly identical to Bitcoin (BTC), Litecoin creation and transfer is based on an open source protocol and is not managed by any central authority. Litecoin is intended by its developers to improve upon Bitcoin, offering several key differences. As of November 2013, Litecoin had received extended coverage by mainstream media with agencies such as the Wall Street Journal, CNBC and The New York Times citing it as an alternative (or possibly even successor) to Bitcoin. However, for mining Litecoin uses scrypt, instead of SHA256. After Bitcoin, Litecoin is the second-largest cryptocurrency by market capitalization,followed by Ripple.
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charles Lee, a former Google employee. It was a fork of the Bitcoin-Qt client, differing primarily by having a decreased block generation time, increased maximum number of coins, different hashing algorithm, and a slightly modified GUI. In 2013, The Economist mentioned Litecoin as a Bitcoin alternative, noting that it "has shot up in price of late." During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. Litecoin reached a $1 billion marketcap in 2013
Litecoin version 0.8.5.1 was released in November 2013. The release included fixes for vulnerabilities and added enhanced security to the Litecoin network. The Litecoin developer team released version 0.8.6.1 in early December 2013. The new version offered a 20x reduction in transaction fees, along with other security and performance improvements in the client and network. The source code and binaries were released early to people in the "#litecoin" IRC channel, on the official Litecoin forums, and on reddit, with information for "power users" to add a Litecoin supernode to the configuration file, while the main site was to be updated after enough of the network was running the new version. This release method was used to ensure that the low fee transactions from version 0.8.6.1 clients would not be delayed by clients running older versions. In April 2014, a new version of Litecoin was released, version 0.8.7.1, which fixed some minor issues along with an important fix related to the Heartbleed security bug.
Litecoin offers three key differences from Bitcoin, which its developers hope will make it better than Bitcoin. The Litecoin network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes, which its developers claim allows for faster transaction confirmation. The drawbacks of faster block times are increased blockchain size, and an increase in the number of orphaned blocks. Advantages include greater resistance to a double spending attack over the same period as Bitcoin, if both networks had the same computing power. Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard. The Litecoin network will produce 84 million litecoins, or four times as many currency units as will be issued by the Bitcoin network. The original intended purpose of using scrypt was to allow miners to mine both Bitcoin and Litecoin at the same time. The choice to use scrypt was also partially to avoid giving advantage to video card (GPU), FPGA and ASIC miners over CPU miners. Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.
If you want to know more then check out the full Litecoin Wikipedia article or watch the YouTube video below.